Banco BPM Shares Climb After Credit Agricole Takes Stake
April 08 2022 - 4:06AM
Dow Jones News
By Cristina Roca
Shares in Banco BPM SpA jumped Friday after its much larger
French peer Credit Agricole SA said it bought a 9.2% stake in the
Italian bank.
At 0728 GMT, shares in Banco BPM were 12% higher at EUR3.07.
Credit Agricole said late Thursday that it would aim to expand
strategic partnerships with Banco BPM after the stake acquisition,
the financial details of which it didn't disclose. The two already
collaborate on a consumer-finance joint venture called Agos.
The transaction is a vote of confidence for Banco BPM's business
prospects and increases the speculative appeal of its shares,
Equita Sim analysts said. "We believe that the probability of a
business combination is high," they said, adding that Credit
Agricole has a proven track record in mergers and acquisitions.
Credit Agricole said it hasn't applied to the authorities to
cross the 10% threshold of Banco BPM's share capital.
Write to Cristina Roca at cristina.roca@wsj.com
(END) Dow Jones Newswires
April 08, 2022 03:51 ET (07:51 GMT)
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